The Putnam Foundation DBA Timken Museum of Art

“All board members receive the Form 990 for review prior to filing and any comments are addressed prior to signing and submitting the Form 990.”

“A conflict of interest policy is reviewed and signed by each board member and key employee on an annual basis. Each person is requried on such policy to disclose any conflicts. Should any conflicts arise, they would be addressed by the Executive Director and the Board of Directors. If there was such a conflict, such person with a conflict wold not be able to vote on the transaction. No such conflicts did arise this year.”

“A search committee was formed om 2008 to hire the Executive Director (E.D.) and deterine compensation. The independent board of directors approved the selection made by the independent committee. Any compensation increases for the E.D. will not occur until after the third year of employment and must be approved by the Board of Directors, per the employment contract. Compensation approval was based on comparables for the museum industry and the appoval process was documented. This process was completed in September 2008. There are no other paid officers or key employees. There were no salary increases to the E.D. compensation since the date of hire.”

“The organization makes its audited financial statements, governing documents, and conflict of interest policy available to the public upon request.”

“Other program services 4: in 2005 the museum initiated interactive programs in the galleries to give families exciting and creative new ways to look at art. Activities include family storytelling, a lively educational program offered on various saturdays throughout the year. The program is presented by professional storytellers who weave fanciful stories around museum masterpieces. In addition, printed materials are distributed to children to encourage the exploration of works in the museum with family members. Other programs include: school programs - busing children of local schools to the museum for a docent guided tour, art in the afternoon - educational lectures to adults at the museum in the afternoon, travel program - day and overnight trips for members to other museums outside of san diego, with educational guidance provided by the executive director and/or the education director, and docent programs - training and education classes for interested volunteers to become docents for the museum and lead tours.”

“Change in value of perpetual trust net of distributions = $931363”